“Our research outlines ways in which we can re-imagine service and operating models to deliver solutions to wealth managers to address these challenges.”
“The emergence of new technologies, demands for a native digital client experience and the largest intergenerational wealth transfer in history pose significant challenges to the entire wealth industry,” said Okan Pekin, Citi’s Global Head of Securities Services. The top three areas that respondents are unlikely to consider or outsource include most of the client-facing activities such as onboarding and KYC (56%), client services, reporting and data (50%), and compliance, regulatory and tax reporting (54%).66% of respondents either already outsource or are likely to consider outsourcing post trade services.46% of respondents prefer a hybrid model, upgrading their in-house systems with third-party tools.The study also found that there is a clear distinction on which functions are more likely to be outsourced or considered for outsourcing. When asked about their preferred technology development strategy, an overwhelming 75% of survey respondents prefer to work with external parties. In order to effectively deliver an enhanced and digitally-enabled client experience, wealth managers and private banks should focus on transforming their operational, technology and service models, the report suggests. Structural shifts including the emergence of new wealth, coupled with uncertainty in global markets and a fluid regulatory landscape, have pushed the wealth industry to address the fundamental challenges of maintaining and growing relationships with their end clients. This heightened focus on client experience and more specifically the digital client experience stems from evolving client expectations and the threat of digital disruptors. The global study “ Disruption and Transformation in Wealth - Future-proofing Service and Operating Models” found that 71% of participants surveyed identified the overall client experience as a top priority.
LONDON, HONG KONG, NEWYORK – New research from Citi Business Advisory Services, in partnership with Citi Securities Services, released today highlights the need to transform business and operating models amongst Wealth Managers as declining fees, low margins and increasing cost of regulation and compliance continue to pressure the industry.
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